Record the purchase of the copyright on an oil painting for $447,100 cash.

Accounting
Tutor: None Selected Time limit: 1 Day

  • Record the purchase of the copyright on an oil painting for $447,100 cash.
May 1st, 2015

in this case there has to be  a contra entry this means  a debit and a credit.

DR. purchases account $447700

CR. cash account $447700

this means purchases have increased with with $447 $447700 while cash has reduced with the same amount.

May 1st, 2015

Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.
Click to visit
The Notebank
...
May 1st, 2015
...
May 1st, 2015
Feb 21st, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer